Bond for Deed/Title

[Ryan Ruiz]

Hello all,

I am seeking guidance on a Bond For Deed I am about to walk into. I purchased my first property on 5/7/2014 and used the VA home loan. It is a 4plex and I move in about August time frame. A day after I bought the place I noticed a 4 plex on the same street up for sale. It was an elderly gentlemen who was wanting to get out of dealing with the property. I knew I could not get the 20-25% needed for a down payment so I decided to research other options. I came accross Bond for Deed and decieded to ask him through the realtors if he would be ok with that,and no down payment, as I could not afford it. To my surprise, he agreed. I'm cautious by nature so I will still do a full inspection of the property, but my question is, aside from the attorneys fees and realtor's commisssion of 6% is there any other costs I should expect to see? If I am buying it for $200,000 I was figuring total cost to me at about $13,000-14,000. Sound about right? Any words of advice? Oh and it's in Louisiana so I know that matters on how the contract works.